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Level 2

Question

garage deduction?

Forum|Forum|3 years ago
January 22, 2023
2 replies
10 views

I use my garage as both office and equipment storage for home improvement contractor business, what are my options for claiming deductions? Thank You!!

Not A Product Question

Level 11

Not intending to sound like a smart arse here, but your options are to claim, or not claim them. It would be claimed as a home office space, assuming the space is used 100% for the business, and nothing else, ever. If you claim it, a bit of clarification is needed.

Percentage of time used in this business - Must be 100%. Anything less and you don't qualify for the home office deduction.

Percentage of business conducted in this home office - This can be (and usually is) less than 100%. This is used to figure the amount of depreciation and the percentage of other deductions you can take.

Level 2

Thank you.